German carmaker Volkswagen has unveiled a strategy to increase its electric vehicle sales in Europe, the US, and China by 2030.
The company reiterated its push towards digitalization in its new strategy titled “Accelerate” on Mar 5. Under this strategy, Volkswagen revised its target for EV deliveries from 35pc to 70pc of total European sales and 50pc of all sales in the US and China through the launch of at least one new EV model in these markets every year.
It also plans to make autonomous driving vehicles available to consumers by 2030, while increasing the efficiencies of its combustion engine vehicles by adding hybrid versions that include an electric range of up to 100kms, Ralf Brandstätter, chief executive officer at Volkswagen said in a statement.
The carmaker will invest around €16bn ($19.02bn) towards digitalization, hybridization, and e-mobility until 2025 while increasing its efficiencies. Volkswagen also plans to increase its operating returns to 6pc over the next two years while reducing its costs by 5pc, increasing its productivity by the same percentage and reducing its material costs by 7pc.